US FX Handover: Buck Blasted as Weak Data Leads to Calls for a July Fed Rate Cut
Matt Weller, CFA, CMT June 3, 2019 3:55 PM
- Front-end US yields continued their freefall as traders increased bets on multiple Fed rate cuts this year; the 2-year treasury now yields just 1.83%, down nearly 30bps in the last three sessions alone!
- US data: Both the ISM and Markit manufacturing PMI readings came in lower than expected. ISM Manufacturing PMI fell to a 2.5-year low at just 52.1, though the employment figure held up relatively well at 53.7.
- The New Zealand dollar was the strongest major currency today, while the US dollar brought up the rear.
- Gold rose over 1.5% while oil (WTI) edged nearly 1.5% lower on the day.
- See the key data and themes traders will be watching this week!
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